The Board of Regents approved a request from Iowa State to purchase real estate and business assets of Iowa Veterinary Specialties, located in Des Moines.

“The purchase will allow the College of Veterinary Medicine to enhance and regain its academic premise in the United States,” said John Thomson, dean of the College of Veterinary Medicine. “Being able to have a visible opportunity to serve the main metropolitan area in the state of Iowa … gives our students and our faculty a chance to change veterinary care through real life training.”

Warren Madden, vice president for business and finance, said the combined purchase price will be about $4.5 million.

“Wells Fargo is willing to finance the building and real estate portion [$1.5 million] through a 10-year loan that would be paid for by the revenue of the operation of the facility,” Madden said.

Madden said the remaining $3.01 million will be paid for using a 1993 trust, which was the proceeds from the sale of WOI television.

Madden said Iowa Veterinary Services would continue to be operating as a separate facility using ISU equities, which hasn’t had any business since WOI television years ago.

“We will restructure this organization and have it as a structure that owns and operates the clinic,” Madden said.

He said there will be five representatives on a board that will oversee the operations of the clinic including Lisa Nolan, the new dean of the College of Veterinary Medicine; Elizabeth Hoffman, ISU provost; and himself.